A company with 117,000 authorized shares of $8 par common stock issued 38,000 shares at $12. Subsequently, the company declared a 2% stock dividend on a date when the market price was $24 per share. What is the amount transferred from the retained earnings account to paid-in capital accounts as a result of the stock dividend?

a.$6,080

b.$56,160

c.$12,160

d.$18,240